In a blog dated 4 February, the digital asset exchange major Kraken proudly announced its acquisition of Crypto Facilities, a regulated cryptocurrency trading platform, and index provider.
Kraken launches futures trading via nine-figure deal, will soon close a fundraising round at $4B valuation, has 100 devs and growing, reveals consumer-friendly rebranding, and launches the first podcast to show juicy inner workings of a crypto company.https://t.co/WEIzjxzE8C
— Kraken Exchange (@krakenfx) February 4, 2019
The blog headlined that this amalgamation creates Kraken as a world leader in cryptocurrency spot and futures trading. Crypto Facilities is based in London and offers individuals cum institutions secure, transparent, 24/7 trading on a range of digital assets.
Crypto Facilities was the first regulated entity to list futures on Ethereum, Bitcoin, Ripple XRP, Litecoin and Bitcoin Cash. Customer much look forward to the high integrity, low latency marketplace that Crypto Facilities provides under the purview of the UK’s Financial Conduct Authority (FCA).
Sounding enthusiastic, Kraken CEO Jesse Powell cited:
“I’m thrilled to welcome the Crypto Facilities team into the Kraken family. We are excited to introduce eligible clients to these industry leading futures and index products. Over the coming months, our teams will continue to enhance and expand these offerings. We’ve got great stuff in store for traders and institutional clients in 2019.”
Timo Schlaefer, Crypto Facilities CEO and Founder, backed Jesse’s quote by stating that it had always been the mission of Crypto Facilities to build the smartest plus user-friendly cryptocurrency trading platform. This merger with Kraken is a step forward to build better and more innovative products while adding value to their clients.
The acquisition of Crypto Facilities strengthens Kraken’s fidelity to meet client requirements. Clients aspire for innovative products and services that complement Kraken’s core spot exchange along with a faultless over-the-counter (OTC) service. A few suited Kraken clients will benefit from futures on six cryptocurrency pairs.
Perhaps Kraken needs no introduction, as it is trusted by more than 4 million clients in over 190 countries. Kraken delivers seamless trading in 20 digital assets and over 70 currency pairs. It also offers the industry’s most popular advanced charting, trading, and portfolio tracking tools.
The blog captured the magnitude of the deal emphasizing that the nine-figure deal is Kraken’s largest acquisition till date and one of the largest the industry has witnessed. Kraken’s previous acquisitions include major exchanges like Coinsetter, Cavirtex and CleverCoin; wallet funding service Glidera; and the charting, trading, portfolio tracking platform Cryptowatch.
The crypto community should definitely rejoice this great development and keep a tab on future developments. Every crypto enthusiast knows the standing of Kraken and its step to acquire the UK company is surely a deal with a tangible impact. We will definitely see more such mergers in the future that could be small steps to make digital coins reach their destination.